The purpose of this study is to analyze the effect of non-debt tax shield (NDTS), firm growth, liquidity, and earnings volatility whether simultaneously and/or partially towards debt policy in building construction firms listed on Indonesian Stock Exchange period 2016-2020. This study uses panel data regression with fixed effect model to estimate 60 samples from 12 companies selected through purposive sampling. The results show that NDTS, firm growth, liquidity, and earnings volatility simultaneously have a significant effect on debt policy. Partially, firm growth and earnings volatility have a positive significant effect on debt policy, while NDTS and liquidity have no significant effect. These findings suggest that Indonesian building construction firms do not consider liquidity and non-debt tax shield as a considerations of increasing or decreasing debt. moreover, Indonesian building construction firms with strong firm growth and high earnings volatility actually have a low proportion of debt.